13 March 2014
Product Intelligence Automates Product Development Process
An automated system for collecting data and examining it during a product’s design and manufacturing is called product intelligence.
The information obtained during this process is automatically provided to managers and engineers responsible for the product’s creation. This is done to also improve the product’s development during subsequent versions.
According to an article in Website Magazine, “It provides a method for collecting…intelligence from multiple sources and presents the information in a format that helps businesses…companies can then use this information to make solid strategic decisions around things like pricing, product presentation and SEO classification.”
The goal of utilizing product intelligence is to increase the ratio of a company’s successful product innovations. This will result in a company creating more and better products. A company then has an increased ability to be competitive in their industry.
Some of the most important data obtained from product intelligence is how well the features are perceived. The features that are used most as well as least provide valuable insight into a product’s capabilities. This will help designers examine the operational aspects of the design.
In the early stages of a new product’s development, a company will often pay close attention to the wants of the target customer. Many businesses realise their investment in a product is only going to pay off when it meets specific needs of their customer base.
Many times a company will also examine important information provided about its products from a variety of social media forums. Social media is a vital tool for gathering information on product performance. This type of input during the ideation or re-engineering stage of a product’s creation has proven to be extremely valuable. Many companies have gained important insight into their products abilities by analyzing information obtained from social media.
Companies can also utilise product intelligence to devise ways to handle their competition. Data can be used to determine pricing points, marketing strategies as well as packaging ideas.